Bitcoin Breaks $20K, Ethereum Explodes In Crypto Rally

The crypto market is experiencing an extremely strong rally. Bitcoin has finally broken the $20K price level and is still surging. BTC has surged 5% in the last 24 hours and over 1% in the last hour. It is currently trading at $20,324.

On the other hand, Ethereum is outpacing Bitcoin and is showing extremely bullish sentiment. ETH has surged 12% in the last 24 hours and over 15% in the last 7 days. The Ethereum rally is still going strong as ETH has climbed 1.24% in the last 24 hours.

How Are Altcoins Performing In Crypto Rally

In recent times, Bitcoin performed relatively stable and fluctuated in the $18k-$19K range. However, some of the altcoins continued to perform poorly and showed extreme volatility. Crypto investors will rejoice at the fact that the altcoins are driving today’s rally.

BNB Coin exploded by 5% in the last 24 hours and is trading at $289.67. Cardano (ADA) continues to show extreme strength in today’s rally. ADA is up by 14% in the last 24 hours and is trading at $0.4125.

Solana broke its negative trend of the last week and showed strength. $SOL exploded by 11% in the last 24 hours. This brings its total gain for the week to 6%. Polkadot and Litecoin are showing the strongest bull movement as both have surged 2% in the last hour.

Is The Bottom In

The crypto market was performing poorly due to unfavorable macroeconomic conditions. The Federal Reserve was combating the high inflation level through quantitative tightening and interest rate hikes. The dollar’s continued strength was also plummeting the crypto market.

However, as the dollar index fell today, the crypto market saw a strong rally.

Experts however are warning that the crypto bottom may not be in. The Federal Reserve still maintains an extremely hawkish stance and is likely to increase interest rates with another 75 bps hike.

The threat of further inflation due to the Russia-Ukraine war can also crash the crypto market.

Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society’s biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain. He is also big into almost every popular sports and loves to converse on a wide variety of topics.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.